"Goldman Sachs Focuses on Super-Rich, Sells Wealthy Client Investment Advisory Business"

Global investment bank (IB) Goldman Sachs is selling its investment advisory business targeting the general wealthy class. Although it had aimed to expand the consumer finance base, including asset management, the results fell short of expectations, leading the firm to exit the investment advisory business for general asset owners excluding the super-rich.

According to Bloomberg on the 28th (local time), Goldman Sachs recently agreed to sell the division to U.S. asset management firm Creative Planning.

Goldman Sachs acquired investment advisory firm United Capital in 2019 for $750 million (approximately 990 billion KRW). This was a decision by CEO David Solomon to expand the customer base for asset management services. However, failing to achieve the expected results, the company decided to withdraw from the market after four years.

Two years ago, Goldman Sachs also acquired fintech company GreenSky but sold it at a loss after one year.

With the sale of the investment advisory business targeting the general wealthy class, Goldman Sachs is expected to continue focusing on the super-rich with asset management scales of tens of millions of dollars or more. Although the sale price has not been disclosed, it is reported that the transaction will bring accounting gains if completed.

This content was produced with the assistance of AI translation services.